Page:United States Statutes at Large Volume 100 Part 3.djvu/390

 100 STAT. 2198

PUBLIC LAW 99-514—OCT. 22, 1986

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such State other than constitutional home rule cities, the State housing credit ceiling for any calendar year shall be reduced by the aggregate housing credit dollar amounts determined for such year for all constitutional home rule cities in such State. ' "(iii) CONSTITUTIONAL HOME RULE CITY.—For purposes of this paragraph, the term 'constitutional home rule city' has the meaning given such term by section 146(d)(3)(C). "(E) STATE MAY PROVIDE FOR DIFFERENT ALLOCATION.—

Rules similar to the rules of section 146(e) (other than paragraph (2)(B) thereof) shall apply for purposes of this paragraph. "(F) POPULATION.—For purposes of this paragraph, population shall be determined in accordance with section 146(j). „

"(4) CREDIT FOR BUILDINGS FINANCED BY TAX-EXEMPT BONDS SUBJECT TO V O L U M E CAP NOT TAKEN INTO ACCOUNT.—

"(A) IN GENERAL.—Paragraph (1) shall not apply to the portion of any credit allowable under subsection (a) which is attributable to eligible basis financed by any obligation the - -. „ interest on which is exempt from tax under section 103 and ,f,., which is taken into account under section 146. "(B) SPECIAL RULE WHERE 70 PERCENT OR MORE OF BUILDING IS FINANCED WITH TAX-EXEMPT BONDS SUBJECT TO

VOLUME CAP.—For purposes of subparagraph (A), if 70 percent or more of the aggregate basis of any building and the land on which the building is located is financed by any obligation described in subparagraph (A), paragraph (1) shall not apply to any portion of the credit allowable under subsection (a) with respect to such building. "(5) PORTION OF STATE CEIUNG SET-ASIDE FOR CERTAIN PROJECTS INVOLVING QUALIFIED NONPROFIT ORGANIZATIONS.—

"(A) IN GENERAL.—Not more than 90 percent of the State housing credit ceiling for any State for any calendar year shall be allocated to projects other than qualified lowincome housing projects described in subparagraph (B). "(B) PROJECTS INVOLVING QUALIFIED NONPROFIT ORGANIZA-

TIONS.—For purposes of subparagraph (A), a qualified lowincome housing project is described in this subparagraph if 5f^!ii ', a qualified nonprofit organization is to materially participate (within the meaning of section 469(h)) in the development and operation of the project throughout the compliance period. •V J "(C) QUALIFIED NONPROFIT ORGANIZATION.—For purposes of this paragraph, the term 'qualified nonprofit organization' means any organization if— "(i) such organization is described in paragraph (3) or (4) of section 501(c) and is exempt from tax under "(ii) 1 of the exempt purposes of such organization includes the fostering of low-income housing. "(D)
 * i5i?;3 I lyi: section 501(a), and

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STATE MAY NOT OVERRIDE SET-ASIDE.—Nothing in

subparagraph (E) of paragraph (3) shall be construed to permit a State not to comply with subparagraph (A) of this paragraph. "(6) S P E C I A L RULES. —

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